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How to make the most out our your educational investment

How to make the most out our your educational investment. School of Social Work January 5, 2012. Things you should know. Cost of Attendance How to apply Free Application for Federal Student Aid (FAFSA)

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How to make the most out our your educational investment

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  1. How to make the most out our your educational investment School of Social Work January 5, 2012

  2. Things you should know • Cost of Attendance How to apply Free Application for Federal Student Aid (FAFSA) FAFSA determines what you are expected to contribute and gives consideration for spouses and dependents in the calculation

  3. Things you should know • Expenses covered: • Tuition and mandatory fees • Books supplies • Living expenses for the student only • Prohibited by federal regulations to cover expenses associated with spouses or dependents.

  4. Things you should know • Living expenses for the student only

  5. Things you should know • Monthly Living Expenses • $ 2,150 per month for 9 months • Annual amount $ 19,350 • Tips • Find an apartment that includes utilities • Do you need both a cell and land line • Buy items on sale

  6. Borrow Wisely Develop a Budget based on your fixed expenses: • Housing • Food • Consumer Debt • Savings TIP: Have a budget… and borrow less.

  7. Borrow Wisely • Average Stafford and Grad PLUS Loan Debt of the May 2010 Graduates • $42,080 • Smallest amount borrowed - $ 8,500 • Largest amount borrowed - $ 172,291 # of graduates without any debt - 51

  8. Borrow Wisely • Sample Monthly Loan Repayment

  9. How Much Money Will You Have?

  10. Contact Information • Student Financial Assistance & Education • 601 W. Lombard Street, Suite 221 HS/HSL • 410-706-7347 • Donald Smith – Director • dwsmith@umaryland.edu • Financial Education and Wellness FEWTalk@umaryland.edu • Website for Budget Worksheet http://www.umaryland.edu/fin/BudgetingSavingsTips

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